The growing demand for residential construction in various developing economies due to increasing urbanization is one of the main driving factors of the mixed compounds market.
According to Future Market Insights (IMF), the global gasket compounds market is expected to grow at a CAGR of over 5.0% during the forecast period 2021-2031.
The application in the home improvement segment is expected to increase at an impressive rate which will promote the growth of the global market. In addition to this, the increasing demand for application of joint compound for home improvement due to the increasing consumer need for better and more environmentally friendly homes is expected to drive the market growth.
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Asia-Pacific and North America dominate the market for mixed compounds. Being a consolidated market, manufacturers are focused on increasing their sales and distribution networks in all regions. They also focus on the development of new products by increasing their investments in research and development initiatives.
Key points of the market research
- The joint compound market was estimated at US $ 1.15 billion in 2021 and is expected to grow at a CAGR of 5% during the forecast period.
- The demand for joint compounds for residential construction application is expected to increase at a CAGR of 5.2% over the next ten years.
- Ready mix accounted for 56.9% of the market share in 2021 and is the highly preferred product type in the market.
- The market in China and India is expected to grow at a CAGR of over 6% each, through 2031.
- The demand for joint compounds in the home improvement segment exceeded US $ 464.0 million in 2020.
âCountries like the United States, China and India are expected to show strong demand for mixed compounds due to rising construction spending and rapid urbanization. Due to the appearance of COVID-19, demand has been strongly impacted in 2020, âexplains an analyst from Future Marketing Insights.
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Mixed Compounds Market By Category:
By product type:
- Ready mix
- Parameter type
- Drying type
By end use:
- Residential construction
- Commercial construction
- Institutional construction
- Industrial construction
- New construction
- North America
- Latin America
- East Asia
- Middle East and Africa (MEA)
The global mixed compounds market has been identified as a significantly fragmented market, with a number of key players present in the overall market. Some of the major players included in the report, such as US Government Boral, DAP Products Inc., Solid Products, Inc., ProForm Finishing Products, LLC, LATICRETE International, Inc., Compagnie de Saint-Gobain SA, Freeman Products, Inc., Georgia-Pacific Corporation, Kuiken Brothers, Supermastick SAS, Hamilton Drywall Products, ASG Plaster, India Gypsum Pvt. Ltd and others are expected to create a tough competitive environment globally.